With the 2023 increase to our home's assessed value we are now at over 40% equity and are still paying PMI.

Can we get it removed by requesting the removal to the mortgage company using the county assessment or do we need to have an appraisal done?

I have read that we can request the removal , do all mortgage companies agree to that or would they make us refinance? Anyone go through this before?

Depends on how long you have had your mortgage?

If 2+yrs you can request PMI removal but will need to pay for appraisal. Will need to come in at 78% of appraised value I believe.

PincheDriller said:

---

Depends on how long you have had your mortgage?

If 2+yrs you can request PMI removal but will need to pay for appraisal. Will need to come in at 78% of appraised value I believe.

---

We have had the mortgage since 2016, my neighbor just had theirs automatically removed by Wells Fargo when they reached the equity requirement. Our loan was with Wells Fargo for about a month until they sold it and it has changed hands three times since, the latest company sending us statements is Truist and they are still charging us pmi.

Based on assessed tax values we exceeded 22% a few years ago, can I request a refund?

If your neighbor's was automatically removed it's likely they hit the 22% of the original sales price (when the loan was originated). Current valuation is irrelevant for this point.

Yes, you can ask them and they will do an appraisal to get a new value to potentially remove PMI. You'll pay for the appraisal.

As for a "refund" that's not likely

I'm also curious if anyone has been successful using the county's appraised value argument with the mortgage company.

No they are going to want you to pay for an appraisal. They gotta milk you for every penny. We just had ours removed and it's cost us a $525 appraisal to remove the $80/mth PMI so we will recover that in 7 months.

I got mine removed a few years ago without an appraisal. I was with Roundpoint at the time. Bought the house in 2015.

If had the mortgage that long probably paid the loan down enough to where they legally had to remove it since we're below 80%

aggiecody06 said:

---

No they are going to want you to pay for an appraisal. They gotta milk you for every penny. We just had ours removed and it's cost us a $525 appraisal to remove the $80/mth PMI so we will recover that in 7 months.

---

My PMI payment is $183 a month so would be well worth the $525 to get it removed.

Wowzas, get that removed ASAP!

Hope you don't have PHH. They are the worst of the worst.

Milwaukees Best Light said:

---

Hope you don't have PHH. They are the worst of the worst.

---

No. Started as Wells Fargo and they sold the loan after we made the first payment. It changed hands three times since and now Truist owns the loan.

does anyone know if it is the original loan amount or amount currently owed on the loan? I thought I remembered hearing that it was the loan amount. So say your original loan amount was $350,000, but you only owe $300,000, your value would have to be roughly $440,000, based on the $350,000 rather than $375,000 value on a remaining balance of $300,000.

You either have to wait the time or pay for appraisal, call your servicer

mine cost me $325 to remove $80 a month

they set up the appraisal

Depends on which route you're going, if you owe less than 80% of the original loan then you can get automatically taken off. If you are trying to get it removed based off market value then they go by how much you owe on the home and use that amount vs the value it comes back at.

aggiecody06 said:

---

If had the mortgage that long probably paid the loan down enough to where they legally had to remove it since we're below 80%

---

I was not under 80% when I made the request.